Indebted real estate developer Nakheel [NAKHD.UL] said on Thursday it had secured over 98 percent, or near unanimous, approval for its $10.9 billion debt restructuring plan from banks.
"The company expects to secure confirmation from the remaining banks over the next few days, following which Nakheel will proceed to the completion phase of the restructuring, which will include a subsequent issuance of a sukuk (Islamic bond) to the company's trade creditors," the firm said in a statement.
Under Nakheel's restructuring proposal, trade creditors would receive repayment through 40 percent cash and 60 percent in the form of a $1.63 billion Islamic bond, expected by the end of the first half.
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